Save Money Today on Your Student Loans
You’ve decided you want to consolidate your student loans. No doubt, one monthly loan payment would be easier to manage than several.
Plus, consolidating your student loans with a private lender may allow you to refinance at a lower interest rate. Saving thousands of dollars is certainly nothing to complain about.
Consolidating your student loans can simplify your finances, lower your payments, and make it easier to chart a path out of debt. But picking the right type of consolidation is an important decision. There are several options and no single “right answer” for all borrowers. At the National Student Loan Union, we’ve helped people save more than $200 million on their student loans. We’ve put together the following 3-step guide to help you choose the best consolidation for your specific loan profile.
You might have heard that you can’t consolidate private student loans. That’s one of many unfortunate misconceptions that keep people from getting a better deal on their monthly payments and interest rates. While private student loans can’t be consolidated through the federal government, there are several highly rated private lenders that can help you refinance them into a single monthly bill. And because private companies can be more selective about who they lend to, they often have significantly lower interest rates than the government offers.
It’s common for college students to graduate with multiple federal loans – which usually means making multiple payments to multiple servicers each month. To help grads cut through the clutter and simplify their bills, the U.S. Department of Education has a free loan consolidation program that is user-friendly. However, it has some drawbacks.
If you’re juggling multiple student loans, you’ve probably thought about how much easier it would be if you only had one payment to make each month. That’s possible through consolidation, which many lenders offer. It can make paying off student loan debt faster and more convenient. But do you qualify? We can help you find out.
When you’re drowning under the weight of high student loan payments, managing your budget can feel like a tightrope walk.
Consolidating your private student loans may be a smart way to get some relief from burdensome bills, but there are facts to consider before you take the plunge.
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